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Western Han-Xin Dynasty,
Daquan Fifty
西漢-新朝
大泉五十
Item number: A1264
Year: AD 7-14
Material: Bronze
Size: 28.6 x 28.6 x 2.2 mm
Weight: 7.35 g
Provenance: Da Chen Stamps and Coins Collection 2016
This is a “Daquan Fifty” coin that circulated during the Western Han to Xin Dynasty periods. The coin is circular with a square hole in the centre. The obverse is inscribed with “Daquan Fifty,” with the reading order from top to bottom, and right to left. The reverse features a design resembling the Big Dipper constellation, which may represent a unique variation of this type of currency. During the Xin Dynasty, multiple currency reforms were implemented, and minting rights were delegated, resulting in a chaotic monetary system. This led to rampant counterfeiting by civilians. Therefore, this coin is likely either a special variant of an official coin or a privately minted coin from the general population. It is also possible that it is a modern counterfeit.
In the year AD 7 , Wang Mang took control of the government under the title of Duke of Anhan. During this time, he carried out the first currency reform of his reign, minting three new types of currency: “Daquan Fifty,” “Qi Knife Five Hundred,” and “Yidao Ping Five Thousand.” Except for “Yidao Ping Five Thousand,” which was inscribed with gold characters, these coins were primarily made of bronze. At that time, Wang Mang banned private ownership of gold and required people to exchange their gold holdings for these three types of currency. However, this move was essentially a disguised plunder of the people’s wealth, as the actual value of these coins was clearly much lower than their nominal value. For example, the “Daquan Fifty” had a nominal value equivalent to fifty Han Dynasty Wuzhu coins, but its actual weight was only three times that of a Wuzhu coin. Similarly, the “Qi Knife Five Hundred” and “Yidao Ping Five Thousand” had nominal values of 500 and 5,000 Wu zhu coins respectively, yet their actual weights were both less than ten times that of a single Wu zhu coin. From this, it is evident that all three of these coins were high-denomination fiat currencies, lacking real value.
In AD 8, Wang Mang usurped the Han Dynasty and established the Xin Dynasty. Following this, he implemented the second, third, and fourth rounds of currency reform. During this period, Wang Mang issued a large variety of currencies, which were often so numerous and complicated that they were sometimes abolished in subsequent reforms. This caused chaos in the monetary system, leaving the people confused and discontented, with widespread complaints. Social order began to deteriorate, and this unrest became one of the main factors leading to the eventual downfall of the Xin Dynasty. Although the “Daquan Fifty” was one of the first currencies issued by Wang Mang, it circulated for a relatively long period compared to other Xin Dynasty coins. Even though Wang Mang officially abolished the “Daquan Fifty” in AD 14, it continued to circulate among the people, and private mints continued to produce more counterfeit “Daquan Fifty” coins.